Brokers would have been contracted to buy for instos and funds which track indicies once ASX 200 entry was confirmed or even prior to this. Prices would have been capped during this accumulation period to prevent the price from running away. Then on day of rebalance, there was an orderly transfer of shares from brokers to these instos at close designed to keep the price stable.
Good thing is that there are now 80 odd million shares transferred to sticky hands leaving less free float.
GXY Price at posting:
38.0¢ Sentiment: Hold Disclosure: Held
